Sir Richard Branson kept control of his airline Virgin Atlantic following a £224million deal with Delta Air Lines.

Delta bought Singapore Airlines’ 49 per cent stake in the business, but it means that Virgin holds on to the brand name and operating certificate.

Sir Richard said the airline would retain its ‘independent spirit’.

Speculation about the deal sparked a war of words earlier this week between Sir Richard and Willie Walsh, chief executive of BA-owner IAG.

Mr Walsh predicted the Virgin brand would vanish if the deal with US airline Delta was agreed.

But Richard Branson has challenged Willie Walsh to a £1million bet on the future of Virgin Atlantic.

The multi-millionaire, who began Virgin Atlantic with one plane 28 years ago, responded to comments made by Mr Walsh that he believed the brand would soon disappear from the skies.

But Mr Branson called on British Airways to put its money where its mouth is.

In his Virgin blog, he wrote: ‘Rumours have been spread in the press that I am planning to give up control of Virgin Atlantic and, according to Willie Walsh – who runs BA – that our brand will soon disappear.

‘This is wishful thinking and totally misguided. Will BA never learn? Let’s see how much they believe this.

‘Let them put their money where their mouth is.

‘Rather than suing them on this occasion, I will pay £1million to their staff if Virgin Atlantic disappears within say five years. If not, BA pays our staff £1million.’

Mr Walsh, who runs the British Airways’ owner IAG, speculated a move towards Delta would be a move away from Virgin.

IAG chief executive Willie Walsh said: ‘I can’t see Delta wanting to operate the Virgin brand because if they do what does that say about the Delta brand?’

But his arch rival, who previously campaigned against BA’s proposed merger with American Airlines, said Virgin Atlantic was ‘his baby’.

He added: ‘Like all children, they never really stop being your babies and Virgin Atlantic is still much cherished.

‘It has grown into a wonderful airline which has punched above its weight for almost three decades, giving much larger airlines a real run for their money.

‘We intend to carry on doing so for many years to come and, contrary to Mr Walsh’s hopes, we have no plans to disappear. But since they are so confident, will BA accept our challenge?’

It seems he only ever backs a sure thing – would you accept a bet from Richard Branson? Let us know below.